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UPDATE: Citigroup Raises PT on Hess Corporation to $67.50, Removes High Risk Rating

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In a report published Wednesday, Citigroup maintained its Buy rating on Hess Corporation (NYSE: HES) and raised its price target from $57.00 to $67.50.

Citigroup noted, “We maintain our Buy rating, but are increasing our target price to $67.50 and are removing our High risk rating. Our new target assumes a gradual reduction in exploration expense and an incremental $5/share for the discoveries in Ghana. We believe HES's lower capital intensity, progress made to date in restructuring its asset portfolio, and decreased focus on high impact exploration justifies our reduction in risk rating.”

Hess Corporation closed on Tuesday at $68.11.

Latest Ratings for HES

DateFirmActionFromTo
Dec 2016JP MorganUpgradesNeutralOverweight
Sep 2016KLR GroupInitiates Coverage onAccumulate
Sep 2016Wolfe ResearchDowngradesOutperform

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Posted-In: CitigroupAnalyst Color Price Target Analyst Ratings

 

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